HomeNewsBlockchain Powerhouse Unites: VeChain and Walmart Forge an Unstoppable Alliance, Pioneering Transparency...

Blockchain Powerhouse Unites: VeChain and Walmart Forge an Unstoppable Alliance, Pioneering Transparency in Retail

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  • Walmart has benefited from its partnership with VeChain blockchain, improving food traceability and reducing the time and cost associated with identifying potential contamination sources.
  • VeChain has seen a significant increase in transaction volume originating from Walmart, positioning itself as a reliable and scalable solution for the billion-dollar food industry.

The VeChain blockchain continues to make waves in the multi-billion-dollar food industry in China through its long-standing partnership with Walmart, the American multinational retail corporation. Since their collaboration in 2019, Walmart has built a blockchain-based platform that allows customers to trace the origin of grocery items in its stores. This platform has proven beneficial for both Walmart and VeChain, as customers utilize it daily to obtain detailed information about product origin and other relevant details.

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Michele M., the head of the supply chain twin transition department at classification body DNV, highlights in an article the potential of wider blockchain adoption in reducing global cases of food-borne illnesses. Despite food-borne illnesses remaining a major global issue, with the World Bank reporting 600 million cases in 2022, blockchain technology implementation, as exemplified by Walmart, can greatly enhance the speed and accuracy of food traceability protocols.

One notable achievement by Walmart is its ability to provide the FDA with detailed information on the source of potential contamination within hours, a significant improvement from the previous seven-day process. This improvement not only reduces associated costs and losses but also helps prevent damage to brand reputation. Furthermore, Walmart has collaborated with the U.S. Customs and Border Protection on a pilot program to track imported goods, showcasing the potential benefits of blockchain technology in supply chain management.

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Walmart’s partnership with VeChain has also resulted in a substantial increase in transaction volume for the blockchain network. On-chain metrics indicate that the amount of VeChain transactions originating from Walmart customers steadily rose throughout 2022, reaching its peak in November. This massive transaction volume from Walmart serves as a reliable revenue source for VeChain, positioning the network as a scalable solution for real-world use cases. Moreover, this partnership demonstrates VeChain’s capability to handle significant workloads effectively.

The impact of Walmart’s adoption of blockchain technology extends beyond its operations in China. Michele highlights that the transparency and efficiency offered by blockchain have prompted Walmart to expand its use of the technology globally. Walmart’s partnership with VeChain is just the beginning, as thousands of enterprises are anticipated to come onboard in the future, further boosting VeChain’s real-world use cases.

As more real-world adoption occurs, the price of VeChain’s native token, VET, is expected to surge. Although currently trading around $0.015, down 3.25% in the last day, VeChain’s potential for revolutionizing supply chain operations indicates that the price could reach new highs. Investors and traders should keep a close eye on VeChain’s progress and potential opportunities for growth.

In conclusion, Walmart’s partnership with VeChain blockchain has proven immensely valuable, revolutionizing food traceability and driving substantial transaction volume. The adoption of blockchain technology has significantly enhanced the efficiency and transparency of supply chain operations. With the potential for widespread adoption in various industries, VeChain’s capabilities position it as a frontrunner in the blockchain revolution.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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